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For employers that are designing a financial wellness program, it’s important to provide a user-friendly, educational, and flexible offering that reflects the diversity of employees’ life stages, says Diana McLachlan, chief people officer at Wealthsimple.

“Financial security is at the core of people’s lives, and when companies recognize that and invest in it meaningfully, it pays dividends in loyalty, engagement and performance. The employers who will thrive are the ones who listen, adapt and evolve their benefits to reflect the real-world challenges their people are facing.”

Read: Employers should support financial wellness: survey

Ninety-one per cent of Canadian employees say they feel more loyal to companies that offer strong financial wellness benefits, according to a recent survey by Wealthsimple.

The survey of 1,000 Canadian employees found nearly all (93 per cent) said a great benefits program influences their overall commitment to an employer. Just 20 per cent of workers aged 35 and older said retirement is their top financial goal. Instead, many are focusing on near-term objectives like buying a home (35 per cent), starting a family and building emergency savings.

Financial stress is also affecting productivity. A quarter (27 per cent) of respondents said money worries negatively impact their performance. More than 80 per cent want benefits that go beyond retirement planning, favouring flexible supports that help manage day-to-day expenses, encourage short-term savings and offer access to financial advice.

Among younger workers, loyalty remains fragile. Half of employees aged 35 and younger say they plan to leave their current job within the next two years and 36 per cent said they aim to make a move in just 12 months. This suggests that employers who invest in modern financial wellness programs could gain a key advantage in talent retention.

Read: How Hydro Ottawa’s pre-retiree engagement strategy is supporting financial wellness, retirement readiness

One in four (25 per cent) said an intuitive user experience and quick access to funds are key to engaging with financial wellness programs. Employees also cited large employer contributions (38 per cent), access to a group registered retirement savings plan (28 per cent) or group tax-free savings account (23 per cent) and a mobile experience (16 per cent) among the most important features of a financial benefits program.

Wealthsimple offers its employees a broad benefits package that includes up to 4.5 per cent matching for group retirement savings, access to financial advisors, $5,000 in mental-health coverage, a $1,500 wellness allowance, unlimited paid sick and mental-health days and virtual health-care access. It also provides fertility benefits, gender affirmation coverage and a remote-working program that allows employees to work from international locations for up to 90 days. Pairing these benefits with financial literacy tools and access to advisors can help bridge the gap between availability and impact, says McLachlan.

“I know firsthand how powerful these benefits can be. Going through [in vitro fertilization], having access to fertility drugs and the flexibility to work remotely from the clinic was life-changing. That’s what we want for our people: to feel supported in the moments that matter, and to know their well-being isn’t a tradeoff.”

Read: How Meridian’s financial wellness offerings benefit employees, organization as a whole